Concerned Shareholder of Continental Precious Minerals Inc.-Report on Current Vote and Urge Shareholders to Continue to Submit Their YELLOW Proxy

TORONTO, ONTARIO--(Marketwire - Dec. 10, 2012) - The concerned shareholder of Continental Precious Minerals Inc. ("Continental", "CZQ" or the "Company") is pleased to announce that as of the close of business on Friday, 25,936,357 shares of Continental (which represent 45.7% of the issued and outstanding shares of Continental) have been submitted in support of the concerned shareholder's nominees for the Continental board of directors to be elected at Continental's annual and special meeting to be held on December 20, 2012 (the "Meeting"). The concerned shareholder would expect that the current management and board of directors of Continental will vote the 7,151,317 common shares of Continental which they in the aggregate beneficially own. By voting the shares they own, the management and board of directors of Continental will ensure that for the first time in 16 years, Continental shareholders will have been allowed to cast and hold a vote on the election of the board of directors which will actually count.

Nonetheless, the concerned shareholder continues to encourage Continental shareholders to vote the YELLOW proxy to ensure change. Continental shareholders are reminded that given the oppressive 50% proxy requirement that the Company has in place for a vote on directors, every vote counts to ensure the quorum requirement for the meeting is met and your voice can finally be heard.

The concerned shareholder wants to once again take this opportunity to express sincere gratitude to the large number of Continental shareholders who have expressed their support for the concerned shareholder's nominees to date - we are almost there to successfully implement much needed change and we ask others who have yet to vote to do so as a way to ensure this happens.

We encourage CZQ shareholders to review the full bios for the concerned shareholders' board nominees as set out in the information circular dated November 19, 2012 (the "Circular") which was previously delivered to you and is now filed on the Company's page at SEDAR.com.

The concerned shareholder has retained CST Phoenix Advisors to assist in: reviewing and analyzing the Circular, recommending corporate governance best practices where applicable, liaising with proxy advisory firms, developing and implementing shareholder communication and engagement strategies, advising with respect to meeting and proxy protocol, reporting and reviewing the tabulation of shareholder proxies and the solicitation of shareholder proxies, including contacting shareholders by telephone. The cost of these services is up to approximately $250,000, if successful. The costs incurred in the preparation and mailing of the Circular and the solicitation have been borne solely by the concerned shareholder. However, the concerned shareholder intends to seek reimbursement from the Company for out-of-pocket expenses, including proxy solicitation expenses and legal fees, incurred in connection with the Meeting.

VOTING INSTRUCTIONS

Regardless of how many shares you own, all Continental shareholders are urged to read the information circular prepared by the concerned shareholder, and to seize this opportunity and vote the YELLOW proxy to ensure change.

Shareholders who have voted the management proxy and wish to support the concerned shareholder have the right to change their vote by simply executing a YELLOW proxy. A later dated YELLOW proxy replaces a previous recorded vote.

Time is of the essence, YELLOW proxies must be returned no later than December 17, 2012 at 5:00 p.m. (Toronto Time).

If you have any questions or require any assistance in executing your proxy, please call CST Phoenix Advisors at:

This press release contains forward-looking statements. All statements that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. These statements are based on current expectations of the concerned shareholder and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate.

The concerned shareholder does not assume any obligation to update any forward-looking statements contained in this press release, except as required by applicable law. Please refer to the concerned shareholders' circular for further information regarding the risks of these statements.